OPEC + issued a statement, yesterday, Wednesday, in which it clarified that the group’s ministers decided, by agreement, to reduce oil production by two million barrels per day, starting from next November.
And OPEC + added, in a statement on its official website, that the next ministerial meeting will be held on December 4, 2022.
And the OPEC + statement stated that ministerial meetings will be held every 6 months instead of the monthly meetings that took place remotely during the Covid period to assess the market situation.
In a press conference held by OPEC at the headquarters of the organization’s general secretariat in Vienna for the first time since March 2020 and was available via video, Prince Abdulaziz bin Salman, the Saudi Minister of Energy, said that there are many uncertainties, I have 35 years of experience in this field and I challenge anyone who says That we went through a situation similar to what we are going through today.
The ministers agreed to extend the Declaration of Cooperation - from which the OPEC + alliance emerged - to the end of 2023, and it was supposed to expire by the end of 2022.
The OPEC+ group includes member countries of OPEC and non-OPEC countries, including Russia.
The OPEC+ decision comes at a time when European Union countries are preparing to impose a ban on Russian oil exports from December 5 and while the Group of 7 countries are planning to set a ceiling on the price of crude oil from Russia.
